Despite the high prices of buying and renting property in Cyprus, they remain among the most competitive in the EU and the eurozone.
This is according to new comparative data published on Tuesday 8th April by Eurostat.
According to the agency's report, property values in Cyprus rose by 2.3% year-on-year in the fourth quarter of 2024, but fell by 1% compared to the third quarter of 2023. As for rents in Cyprus, they increased by 4.6% in 2024 compared to 2023, continuing the upward trend from 2017 (+0.8%), which continued sequentially in 2018 (+2.5%), 2019 (+3.4%), 2020 (+2.5%), 2021 (+1.9%), 2022 (+3.0%) and 2023 (+4.5%).
Interestingly, the cost of buying a house in the EU will rise by 4.9% in the fourth quarter of 2024, while rents will increase by 3.2% year on year.
Eurostat noted that in the period from 2010 to the fourth quarter of 2024, a significant increase in house prices was recorded in the countries of the European Union.
The cost of buying a house rose by 55.4% and rents by 26.7%. While rents showed smooth and stable growth, the dynamics of house prices were more volatile. There was a particularly sharp increase from the first quarter of 2015 to the third quarter of 2022, followed by a short period of decline and stabilisation, before growth resumes in 2024.
Among the EU countries for which data are available, house price growth exceeded rent growth in 21 countries. The following were particularly impressive:
- Hungary: +234% (3.3 times the level in 2010),
- Estonia: +228%,
- Lithuania: +187%,
- Latvia: +153 %,
- Czech Republic: +142 %,
- Portugal: +120%,
- Bulgaria: +115%,
- Austria: +112%,
- Luxembourg: +105%.
Against this background, Cyprus stands out for its stability: over 14 years, house prices on the island have remained virtually unchanged at their 2010 level. Italy was the only EU country where house prices fell over the period: -4%.
In addition, rents increased in 26 EU countries between 2010 and the end of 2024. Estonia (+212%), Lithuania (+175%) and Hungary (+114%) recorded the highest increases. The only exception was Greece, where rents will fall by 13%, despite the upward trend across Europe.